"When I say that wholesale bars are available, it means in wholesale
quantities. I cannot speak for Kitco, but I went upstairs and spoke to the
Treasurer and he will do deals for a minimum of 20 tonnes of silver and 1
tonne of gold. Call Nigel Moffatt on (08) 9421 7403. Price will be on a
deal-by-deal basis."

That's insane. Right downstairs, they often run out of 100 oz.
bars, and reportedly have no 1000 oz. bars for sale.

Besides, that's a lie. Wholesale quantities in silver are 1
silver futures contract of 5000 ounces, which is about 1/6th of a tonne,
not 20 tonnes!

Further, I note that Nigel did NOT say he would SELL 20 tonnes of
silver. He only wants to "deal" in that, minimum. He probably
needs to buy that much to pull his fat out of the fire, as I will explain
below.

But first, people keep asking me "What's up with Jon Nadler, that guy
who bashes metal, yet works for Kitco, who sells metal? I don't get
it?"

Kitco runs a "pool" account where they hold the metal for investors, or
in other words, they OWE precious metal to their clients.

Usually that's all I need to say to those who ask me, and the person
replies, "Oh, of course. Thank you."

Perhaps that's one reason why Nadler posted the article by a Perth guy;
they are connected, they both owe metal, and Perth uses Kitco, or Nadler
specifically, as a mouthpiece.

If you click on Nadler's bio link at the top of any of his articles, it
says that he may have helped government mints, like Perth, in the
past:

"He has long-standing ties in the precious global metals community and
has consulted on marketing and product development issues to government
mints, precious metals retailers, as well as to trade and membership
organizations, such as the World Gold Council."

Interestingly, Nadler boasts about his background in banking, and not
just for a small banking outfit, but Bank of America, America's second
largest bank!

"Jon established and managed several precious metals operations at
major USA-based financial institutions (Deak-Perera, Republic National
Bank, and Bank of America)."

And, Bank of America was a member of the Silver User's Association, a
group devoted to the conflicting goals of keeping silver prices low and
keeping silver available for users. Low prices create shortages, of
course. And you can't buy silver at Bank of America, of course.

I don't think Jon Nadler is ignorant on purpose. I don't believe
anyone can actually be that stupid on a regular basis, so the people who
have repeatedly nominated him for the "Moron of the Year" award don't see
the big picture. Instead, I give Nadler more credit than
that. I think he's a human of somewhat higher intelligence than
normal, but his wisdom score is extremely low. Either that, or he
has a very high wisdom score, but he just works with black chaotic magic,
instead of embracing the light of truth, or something like that. I
think he has a clear agenda, he is actively making a war on gold and
silver with his words, on a daily basis, and he is paid to do that.

There are more key connections I must reveal, based on
reports from out of Australia about two weeks ago.

The Perth Mint owns 40% of AGR Matthey, in Australia.

AGR Matthey supposedly was using some of Perth's silver
and gold that backs the Perth Mint silver certificate program, that is
sold by Kitco.

"The $880 million of precious metals deposited by Perth Mint Depository
clients (note 17) was used in operations by Gold Corporation as inventory
($381 million - Note 8b) with the balance in the refining operations of
AGR Matthey (Note 8a).http://www.perthmint.com.au//documen...ort%202007.pdfp.
81, bottom

I never took a class in deciphering "Ogre-speak", and certified
accountants can't decipher Perth's annual report either, but did Perth
Mint mean to say or imply that AGR Matthey has "the balance" between $880
million and $381 million, which would be about $500 million worth of gold
and silver backing the certificate program?

AGR Matthey supposedly
has all this gold and silver on loan from Perth Mint's certificate program
with which to operate and conduct operations, to enable them to have metal
for use in refining operations, so that they can take those abundant 1000
oz. bars, and make them into 100 oz. bars, and sell metal to the public,
and now, during a time of record demand from the public, when little old
me can sell 25 bars at a $4.01 premium to the spot price, when AGR Matthey
should be well funded, with plenty of metal, and capable of making a
killing on manufacturing bars with their own top industry and famous and
desired trademark, they decide to close up shop?

What??!!

Their story makes no sense. It make more sense that they have
been operating at a loss for years, and used up the loan of
precious metal in operations years ago (a loan that would have been
fantastic to have during a bear market in metals, which, if you used
accounting gimmicks right, you could say that the loan was brining in
"profits", but not in a bull market). So, most likely, the managers
recognize that they cannot buy more metal today, and cannot get the metal
back to pay back the growing metal loan. It makes more sense that as
the silver market is manipulated down, when inflation is raging, and when
investors are all buying, and not selling, that they cannot source metal
from the public anymore, and so they have closed up shop for that
reason.

So, look, AGR Matthey's closure of silver operations might have been a
$500 million precious metals default to Perth Mint in the last two
weeks. No wonder the Perth Mint wants to deal in 20 tonnes of silver
minimum, which would still only be about $10 million worth. (20
tonnes x 32,151oz/tonne = 643,020 oz. x $13? = $8.3 million!)

But hey, I'm sure someone like Nadler can be hired to say things like
"move along", "nothing to see here", the business was "just not
profitable". Really! Ya think?

If silver is abundant, why can't AGR Matthey use their ($500 million?)
pool of abundant and borrowed metal to make 100 oz. bars to sell to the
public at a premium, and just buy more abundant 1000 oz. bars with
the profits and make a killing?!

I believe that this is the first major "hidden" default, or emerging
default, that has the potential to cause the bankruptcy of the Perth Mint,
and/or bankruptcy and/or silver default at the COMEX, if they are not
all bankrupt already.

The closing of AGR Matthey calls into question the validity of the
entire Perth Mint certificate program, and Kitco, and Nadler.

I think Perth Mint certificate holders should either be investigating,
or redeeming their certificates for real physical metal, while they still
can.

It appears as if the Perth Mint took my advice a few months ago, and
bought at least some silver at higher prices to make available to people,
to calm down the constant stream of reports of delays of 2 months.
But now, it appears as if things are much, much, much worse than a mere 2
month delivery delay.

It seems as if Perth's 2 month delay has turned into Johnson Matthey's
2 month delay!

Johnson Matthey, of course, is the largest silver refiner in the U.S.,
and was 8-10 weeks behind on orders for 100 ounce silver bars, and in the
last week or so, stopped taking orders for silver. Matthey has a
capacity of manufacturing 300-400 bars per week. 7th Grade Math
warning: 400 bars x 100 oz.. each x 10 weeks = 400,000 ounces of
silver = 12 tonnes, that JM is behind, backordered.

Interesting that that amount is just under the "minimum deal size" of
20 tonnes as Nigel said at Perth.

COMEX contracts are for 5000 ounces, or about 1/6th of a tonne.
Why not just take delivery of 120 contracts Nigel?

But wait,
if 20 tonnes is the minimum deal size, does that mean that Perth does not
buy any silver when investors buy certificates for less than that,
after all, that's their minimum deal size!?

So, it's not we silver
investors who need to take delivery of the COMEX
contracts. We silver investors already placed the
orders. It's them, the companies who owe silver to the
investors, who need to take delivery, and apparently cannot.

Johnson Matthey's primary distributor is AMARK. Amark is the
largest bullion trader in the U.S. Amark is out of all silver
products, so they are essentially "out of business" with a "shut down"
silver division too, until they get silver.

Most other major
dealers deal direct with Johnson Matthey, or Amark.

Here is another major shocker that I just heard today. CNI
Numismatics, at golddealer.com, who is one of the most trusted silver
dealers of which I know, verifies and confirms this overall
story with a shocker admission from Johnson Matthey.

JM told
CNI that JM is "ramping down" production of 100 ounce
bars!!!

What? JM is backlogged 8-10 weeks, and refusing
orders to try to catch up, yet is "RAMPING DOWN production"?
That confirms the AGR Matthey shut down. And that can only mean one
thing. There is a shortage of 1000 oz. bars or any other form of
silver to make into 100 ounce bars.

This is why there is a shortage, world wide. The largest silver
providers can't find enough silver to provide it. And this is
why the shortage is denied by those in that camp. Their businesses
may well be at risk right now, and the worst lot of them are in desperate
need of you to send them money now to wait for silver that has an
indefinite wait time attached.

KITCO NOTICE ADMITS THEY WANT TO DEFRAUD YOU BY HOLDING YOUR MONEY
POTENTIALLY FOREVER, AND IF YOU ASK FOR A REFUND, THEY WILL CHARGE YOU
EXTRA.

IMPORTANT NEW NOTICE: Demand for bullion products has increased
significantly in recent days. As a result, we may experience delays in
supply and possibly delays in processing and shipping by our vaults. We
apologize for this inconvenience and will do everything in our power to
service your orders as quickly as possible. While cancellation
fees still apply, prices are guaranteed regardless of the length of the
delay. We remain committed to providing you the best service no
matter what market conditions prevail.

Don't fall for it. Not now.

Be careful out there. Defaults are either ongoing, or
imminent.

If you want to help break these guys, there's one key way to do
it. Make sure you buy and sell your silver at an ever increasing
premium over their "spot" price or paper price. As that starts to
happen, the paper hedging contracts cannot be used to purchase silver from
the public, because the public's silver will cost too much. And if
the paper system cannot provide enough silver either, then their game is
over.

We are closer than ever to a major explosion in the silver price.
In fact, it's already begun in the premiums for "walking silver" as
opposed to "paper silver". What's "walking silver"? The stuff
you can walk out of the store with!